Bronzeville Mural

Bronzeville Real Estate Analysis – 2019

Bronzeville Single Family Homes

Bronzeville Single Family Homes sold well in 2019.
A total of 112 homes were sold. This is up 33% versus 2018.
The average selling price for a single family home was $486,975.
The average selling price was up 18% versus the previous year.
The average market time increased by 23 days versus the previous year.

Bronzeville Condos

Bronzeville Condos also sold well in 2019.
A total of 272 condos were sold. This is up 12% versus 2018.
The average selling price for a Bronzeville condo was $199,455.
The average selling price was up 5% versus the previous year.
The average market time decreased by 4 days versus the previous year.

Bronzeville 2 to 4 unit buildings

39 multi-unit properties were sold in 2019.
That is an 8% increase versus 2018.
The average selling price was $341,995.
The average selling price was up 15% versus the previous year.
The average market time decreased by 73 days versus the previous year.

Bronzeville Rentals

244 units were rented in 2019.
That is a 24% increase versus 2018.
The average rental price was $1,530.
The average rental price was actually down 4% versus the previous year.
The average market time increased by 5 days versus the previous year.

Bronzeville Land

19 parcels of land were sold in 2019.
That is a 27% decrease versus 2018.
The average selling price was $90,289.
The average selling price decreased by -44% versus 2018.
However, this may not be an apples to apples comparison.
This is because every parcel of land is a different size.
Land value is driven largely by location, square footage and zoning type.

Summary

Overall, 2019 was a great year for Bronzeville real estate.
The biggest gains were seen in the Single Family Home category.
Values for Single family homes were up 18% in 2019.
This was driven largely by sales of new construction homes.

Multi-Unit properties also appear to be in great demand.
Values are up 15% versus the previous year.
Also, the average time it took to sell a multi-unit property was
cut in half versus 2018.
This is an indication that demand for this property type is high.

Contact Mark

If you have any questions about Bronzeville real estate,
please call or text me at 773-354-6693.

Thanks, Mark Killion
Kale Realty – Chicago, IL
Cell: 773-354-6693
email: mark@markkillion.com
website: www.buybronzeville.com

Mark Killion, Realtor

Chicago Cap Rates by neighborhood

Chicago Cap Rates by neighborhood

Chicago Cap Rates by neighborhood

I analyzed about 1,000 closed transactions of “2 to 4″ unit properties
in Chicago. These properties were sold during the 6 month period
ending Nov 15th 2015.

This analysis should give you a good idea of current cap rates in various
Chicago neighborhoods. If you have any questions about investment properties
in Chicago, please Send me a note!

Mark Killion
Kale Realty
Chicago, IL

The Chicago magazine recently featured an interesting article
on Chicago Real Estate values. They compared today’s property
values to property values from 1994. The results were mixed.
Thanks to the Great Recession, 1 in 6 neighborhoods actually
lost value.

But, on the bright side, that means 5 out of 6 neighborhoods
increased in value. So, it appears that real estate is still
a great LONG TERM investment.

Below you will find a snapshot of this report.

______________________________________________

REPORT FOR SINGLE FAMILY HOMES

______________________________________________

HYDE PARK

Average Sales Price JUN 2010–JUN 2011

$744,133

Change in Sales Price since 1994

231%

–===========================================

KENWOOD

Average Sales Price JUN 2010–JUN 2011

$689,958

Change in Sales Price since 1994

346%

–==========================================

GRAND BOULEVARD (aka BRONZEVILLE)

Average Sales Price JUN 2010–JUN 2011

$173,962

Change in Sales Price since 1994

222%

–==========================================

MORGAN PARK

Average Sales Price JUN 2010–JUN 2011

$121,092

Change in Sales Price since 1994

20%
–===========================================

SOUTH SHORE

Average Sales Price JUN 2010–JUN 2011

$111,351

Change in Sales Price since 1994

46%

–===========================================

CHATHAM

Average Sales Price JUN 2010–JUN 2011

$91,453

Change in Sales Price since 1994

11%

–===========================================
If you are interested in stats for a different neighborhood,
or a suburb, just send me a note!
–===========================================

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

However, you can often find a handful of condos on the market
that are actually in FHA approved buildings.

If you are looking for a FHA approved condo, please send me a note
to mark@markkillion.com

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

For this analysis, I made “1400 West” my
western cutoff point.

2009 3rd QTR…West Loop Condo Sales
========================================
….Type……….#_Sold……….AVG_Price
=========================================
..1Bed…………….87……………$254K
..2Bed…………..111……………$350K
..3Bed…………….27……………$530K
..4Bed………………3…………….$690K
———————————————————————–

There was a lot of activity in the 3rd quarter
within the West Loop. A total of 228 condos were
sold in the 3rd quarter. That’s 76 condos
sold per month. It looks like buyers in the
West Loop are still finding financing. This
is a great sign for the local Real Estate market.

Currently there are 647 Condos listed for For Sale
on the MLS. So, we have about 8 1/2 months of
inventory.

A balanced market is considered to have 6 months
of inventory. So, it is leaning towards being a buyers’
market in the West Loop. But, prices seem to be
holding up pretty well at $349K for the average
2 bed/2 bath condo.

Please contact me for more information on buying
(or renting) a West Loop Condo.

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Ireland is in the middle of a real estate slump as well.
They went through a real estate boom which peaked
around 2007. This truly is a global recession.

But, in Ireland, even the most modest, 1000 square foot,
2 bedroom home costs about 340,000 Euros. That’s about
$600K in Chicago dollars!

So, Europeans must think that the U.S. real estate market is
on clearance sale! An Irish person can get a lavish condo, in the
South Loop, for the cost of a foreclosed farm house back home…lol

When you consider real estate in other countries, It really puts
everything into perspective. To us, prices might seem high, but
in a global context, Chicago real estate prices are a great value!
Below you will see a few pictures from my trip. Ireland is so beautiful!!!

If you have any questions about Chicago Real Estate,
please feel free to contact me or visit my website!

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

For more information regarding Chicago Condo Rentals, please contact me via my website.
Until the next time…

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

The Illinois Association of Realtors released the sales data for July 2008.
In the city of Chicago, sales prices remained steady vs. July 2007.
Even though the number of transactions were down significantly,
sales prices were only off by 1/3 of 1%.

I read in a recent stock market article that “flat is the new up”.
I guess you could apply that to home sales prices as well.
Even though the number of sales were down, there was still a huge
amount of homes being sold. 2,167 properties were sold in July 2008.
So contrary to media headlines, homes are being bought and sold
every single day in Chicago.

Chicago home prices fared better in the city than in the larger metropolitan area.
In the metropolitan area, which includes the suburbs, home prices were down
about 3%. As a whole, Illinois prices fell about 5% compared to last year.

Nationally, prices fell about 7% compared to last year.
So, relatively speaking, Chicago is holding up pretty well.
Now, if we could just figure out a way to stop all of these foreclosures,
prices will begin rising again. There is just so much inventory on the market.
Supply and Demand are way out of balance. Once supply drops down to normal
levels, the market will stabilize. Also, when the media starts saying that “now is
the time to buy”, just watch how fast things turn around. But by then, it
might be too late to get the best deals. Until the next time…

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Now let’s take a look at the ever popular Lincoln Park neighborhood.
Lincoln Park has definitely weathered the real estate storm.

Now granted, sales are probably off 15% compared to last year, but keep in mind, everything is relative. They could be down 30%, and still do better numbers than most other neighborhoods in Chicago.

Lincoln Park neighborhood residents enjoy a lively cultural scene, exceptional architecture, lovely gardens and of course, the 1,200-acre park that runs along Lake Michigan.

Lincoln Park is one of the most popular neighborhoods in Chicago. It has the most restaurants per capita in the city. Lincoln Park offers just about anything from the Lincoln Park Zoo, a Nature Museum, beaches, golf, tennis courts, theaters, and comedy clubs along with hundred of restaurants and bars to choose from. Shopping includes a mixture of independent and one-of-a kind businesses. It is also home to the acclaimed Old Town School of Folk Music, a popular entertainment venue and music school.

The neighborhood population is primarily made up of young professionals, recent college graduates, and young families. It is home to DePaul University.

This report will give you a good idea of what to expect if you’re thinking about buying or selling in Lincoln Park. The Lincoln Park boundaries are loosely defined. But for the purpose of this report, I am focusing on the following boundaries:
——————————————————————————
Lincoln Park

North Boundary: Diversey (2800 North)
South Boundary: North Ave (1600 North)
East Boundary: 200 West
West Boundary: Ashland (1600 West) ———————————————————-

———————————————————————————

The following results are based on Real Estate activity for the last 6 months (roughly Feb 2008 –> Aug 2008)
This data is taken from the Multiple Listing Service.

Executive Summary

1) Single Family Homes:

The median asking price = 1.8 Million
There are currently 166 Single Family Homes on the market.
The average market time is 6 1/2 months.

Here’s the breakdown on average asking prices:
a) 2 or less bedrooms = 749K
b) 3 bedrooms = 900K
c) 4 bedrooms = 1.4M
d) 5+ bedrooms = 5.53M (yikes)

Now let’s take a look at what sold:

The average selling price = 1.68 Million
66 Single Family Homes sold in the last 6 months.
The average market time was 5 months.
On average, sellers got 95% of their asking price.
0% of the listings expired (were not sold).
That’s right..not one listing expired. WOW!
That’s a big difference from Bronzeville (a popular area on the Southside) where 50% of the listings are expiring.
It just goes to show you, that Real Estate is a very local business. So, don’t pay too much attention to the “gloom
and doom” that the media is throwing at us daily. Chicago is holding up relatively well in comparison to other parts of the country (i.e. California, Nevada, Arizona, and Florida).

At the current rate of sales, Lincoln Park has a 15 month
supply of Single Family Homes.
============================================================

2) Condos

The average asking price = 618K
There are currently 693 condos on the market.
The average market time is 4 1/2 months.

Here’s the breakdown on average asking prices for condos:
a) 2 or less bedrooms = 398K
b) 3 bedrooms = 692K
c) 4 bedrooms = 1.58M
d) 5+ bedrooms = 5.53M

Now let’s take a look at what sold:

The average selling price = 478K
484 condos sold in the last 6 months.
The average market time was 3 1/2 months.
On average, sellers got 97% of their asking price.
Also, 0% of the listings expired (were not sold).

Here’s the breakdown on average selling prices for condos:
a) 2 or less bedrooms = 376K
b) 3 bedrooms = 676K
c) 4 bedrooms = 858K
d) 5+ bedrooms = 1.2M

At the current rate of condo sales, Lincoln Park has
about an 8 1/2 month supply of inventory.
It is generally considered a “Seller’s Market” when inventory
levels are at 6 1/2 months. So, apparently, Lincoln
Park has been largely unaffected by the current housing slump.

=====================================================================
IN SUMMARY:

Lincoln Park is surviving, and excelling, in the current housing
slump. It’s really amazing that Lincoln Park is still selling 80 condos per month. We’re not talking about cheap condos either.
These are $480,000 condos!

It is interesting to note that the current average asking price,
for condos, is significantly higher than the average selling price for condos in the last 6 months. This probably indicates that prices will be trending higher over the next several months.

After analyzing the data for this post, I am strongly
considering focusing my Real Estate business on Lincoln Park. That way, I could possibly benefit from all this action.
So if you’re looking to buy or sell in Lincoln Park, and you
need a great Realtor…. I am here to serve you!

For more information on Chicago Real Estate,
please contact me. Until the next time…

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY